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How to Flip Houses Full Time 

If you’re interested in making house flipping your full-time job, there are some considerations and initial steps I recommend before going all-in. Before deciding that house flipping is your new career, you’ll need to get one flip under your belt to have the experience, analyze your experience, and make an educated decision about your future.

If you’re interested in making house flipping your full-time job, there are some considerations and initial steps I recommend before going all-in. Before deciding that house flipping is your new career, you’ll need to get one flip under your belt to have the experience, analyze your experience, and make an educated decision about your future.

Let’s get into how to initiate your first flip and scale to full-time house flipping if it’s the right move for you.

How to Do Your First Flip

How to do your first flip is a very complicated topic that I go into more detail about here and here, but I’ll share some of the main points for beginners.

When I’m asked what the first step is in house flipping, it’s pretty much the same for everyone I speak with: You need to WANT to do it! Before taking the plunge, prove to yourself that it’s something you’re ready to take on and start immersing yourself in the industry.

When I got started, I read tons of books, watched shows related to home buying and renovations, spoke with people in the industry, and everything in between. The most important part was purchasing that first house. 

Not only does your first flip require the effort and the definitive decision, it requires the right mindset. You have to go into your first flip, knowing things can (and will) go wrong. You have to look at that flip as a learning experience and not depend on the profit, but instead consider profit a bonus on top of lessons learned and checking your first flip off the list.

I have a free checklist to help you find the perfect house to flip, download that here!

Now that you’ve flipped your first house, it’s time to analyze your experience.

Did you enjoy it?

Did you work well with your team?

Did you make a profit?

What did you learn?

One of the critical steps is learning to analyze projects correctly – Remember, you can always course correct.

No profit? No problem. But if you weren’t excited about the process and didn’t enjoy it, chances are house flipping full time isn’t your best option. But if you’re feeling good about it and ready to move forward, let’s get into the steps you can take to make house flipping your full-time gig.

4 Steps to Start Flipping Houses Full Time

Flipping houses full-time isn’t going to happen overnight. Here are some steps to consider to ensure you’re setting yourself up for success and taking the right approach.

Set Realistic Goals

I love to see ambitious go-getters getting started in the house-flipping industry. Ambition and motivation are essential, but setting realistic goals comes first. You can come to these goals by deciding on funding, timelines, how many houses per year, profit expectations, etc.

Ask yourself these questions and set up systems to help you toward these goals.

Look at Your Finances

Are you looking to replace income? Do you need to hit a specific dollar amount on each project? Do you have any idea of your funding source?

Make connections

Connections are huge in house flipping. From funding your business to finding homes to the team you create. Networking and building a team you can trust are significant components of making house flipping a sustainable venture.

This step includes deciding who you need to partner with, including contractors, agents, wholesalers, lenders, and investors. Don’t overlook coaches or mentors who can help improve your processes and get you to your goals faster. 

Choose Your Source

When I started, I wanted to market in every way possible for potential flips, and I found out quickly that it wasn’t realistic for me. I was juggling my full-time job, and flipping was a side hustle, so I had to find a way to fit sourcing into my schedule.

Don’t worry about having to do everything. Choose one or two sources that work best for your circumstances. The MLS or online websites are easy to search for houses and provide valuable information you can use to find properties.

Foundations of House-Flipping Success

Along with the above, you’ll want to follow these foundations of house-flipping success.

Skip the DIY

If you’re planning to run a full-time house flipping business, you’ll need professionals to take on projects. Let them focus on the renovations while you work in the areas you shine!

Start slow

Do what feels good to you. Big projects have big problems and mistakes happen, so start as small as you want. I recommend starting with smaller renovation projects first. Then, once you have some experience, you can tackle those more complicated flips.

Choose your renovations carefully

Your process and strategy should help you weed out the properties that work for you or aren’t right for your business. Choosing a house will depend significantly on what renovations are needed and if they have any complete deal-breakers.

Once you make your purchase, be sure not to over-improve a property! Do what is necessary, keep with the trends and in tune with what buyers want, but don’t go overboard. 

Include a contingency in your budgets

House flipping comes with some degree of risk. Including options for the “what if’s” can help with extra costs that may come up along the way.

Never stop learning

Commit to your business. Look for people and experiences you can learn from, and always approach projects and setbacks as learning opportunities. There’s always something new to add to your business, especially as markets and buyers evolve!

Want to buy a property and renovate it?

Get my checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.

Love before and afters?

Follow us on IG @thresholdhomesmn and FB @thresholdhomesmn to see the projects we’re working on. And for more ideas on renovating & restoring fixer-uppers!

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